Fed emergency's rate cut of 75pt basically killed the US dollar. Recession is off and inflation is back in town. So gold is on the run again. (i.e. recession lower demand of gold, inflation raises value) I immediately took action and closed all my short positions at \$869.50
Gold price went rocketed today and closed at \$890.60 So now my gold run is off, even worst, I missed a big opportunity.
When I was certain that gold price would rise, I correctly covered my short. However, I should have changed side and WENT LONG on it! I still need to develop this flip flopping mentality if I were to improve on my trading. I missed out only an easy \$20 jump on Gold today because I didn't go long after closing the short even though I knew for certain the price would increase.
Lesson of the day: A bad short is a good long.
I had 4 contracts of YG, but the report says 3. Something is wrong with the order record. So I actually made more than what is listed.
: http://bp1.blogger.com/_Vlx60iTPx5s/R5azQRzQQRI/AAAAAAAAAI0/Nqx1eqVQ4zs/s1600-h/goldmon.jpg : http://bp1.blogger.com/_Vlx60iTPx5s/R5azERzQQQI/AAAAAAAAAIs/NCQOdrK28Uo/s1600-h/goldrpt.jpg